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G3 Exploration results reveal revenue boost

The company continues to focus on its evolution into an exploration and development business

G3 Exploration Ltd (LON:G3E) revealed an improvement in revenue for last year, including the assets that will be sold to Green Dragon Gas (GDG).

The China-focused group reported US$28.6mln of revenue for the 12 months ended 31 December, up 11% from the US$25.7mln generated in 2017. Cash generation amounted to US$3.4mln.

READ: G3 Exploration adds to reserves in 2018

Earnings (EBITDA) at the GDG business was marked at US$16.3mln, while the group’s net loss narrowed to US$9.1mln from US$24.6mln.

The company said that the GSS unit had gross sales of 3.39bn cubic feet, representing an 18% increase due to the performance of CNOOC operated wells, while the GCZ unit saw a 20% decline in sales at 2.27bn cubic feet.

Looking to 2019, the company highlighted that it is working to conclude its evolution into exploration and development business, with the completion of the GDG dividend.

Additionally, it expects to repay two bond creditors from the GDG sales proceeds and, operationally, it aims to deliver  first gas in the Guizhou Block (part of the GGZ unit).

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G3 Exploration Ltd Timeline

February 28 2019

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